Evgeny Gaevoy, CEO of cryptocurrency platform Wintermute, stated that Ethereum leaders have to choose between supporting a capitalist or socialist economic system. Gaevoy argued that these two economic systems cannot coexist, citing comments by Ethereum co-founder Vitalik Buterin and Uniswap founder Hayden Adams about memecoin projects.
Developments in the Memecoin Field
Gaevoy stated that Buterin, Adams, and the Ethereum community want to develop products that bring positive change to society and seek to solve for maximum extractable value. Emphasizing that there is a contradiction at this point, Gaevoy pointed out the potential of blockchain technology to create systems based on capitalist incentives. Buterin stated that memecoin projects do not add value to society.
Remarkable Details
Buterin argued that the goal of a project should be for participants to feel satisfied and happy, even if the tokens become worthless. He noted that financialization can only be justified if it serves purposes that add value to society. He shared this opinion on the X platform and expressed his dissatisfaction with memecoin projects.
Adams stated that he has no problem with celebrities' memecoin projects. However, he criticized Buterin's dismissive description of rapper Iggy Azalea. Adams argued that Azalea could donate the profits from the project to a social cause and therefore the projects could have positive effects.
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